Moving to a new country and starting a new job can be one of the most nerve-racking times in your life. Between finding accommodation, getting familiar with your surroundings and the culture, dealing with potential language barriers, and settling into your new job, you must ensure continuous and reliable access to your money.
Or, what if you are working on a superyacht, sailing the seven seas for months or even year at a time without a fixed address? You will have to consider all the different continents you will be visiting and the different currencies you will need to use.
And the last thing you want to worry about is opening a bank account, which is never easy for someone outside their own country.
So, what can you do? Use your existing, domestic bank?
Possibly, but the odds are that most banks at home aren’t designed for depositors who have a ‘borderless’ lifestyle, especially when it comes to transferring and withdrawing funds around the world.
Luckily, there is another option—one that many expats are now taking advantage of.
Okay, I know what you are thinking. Aren’t those accounts only for the super-wealthy, requiring large deposits and minimum balances upwards of hundreds of thousands or even millions of dollars? And, aren’t the maintenance fees astronomical?
Yes, it’s true that many ‘offshore banks’, as they are commonly referred to, are designed for the super wealthy and elite, not the average expat or small business owner.
But that’s not the type of bank we are talking about here. There is a new type of bank that is disrupting the traditional banking industry and its gatekeepers.
Pair these changes with globalization and the fact that many of us are doing business more internationally than ever, whether working abroad or running our own businesses, transferring funds to/from clients and vendors all over the world.
Now, these new International Banks have the same functions—often more—than your domestic bank. International Banks offer low fees, low minimum balance requirements, multiple currency accounts, and competitive conversion rates.
A bank in the country that you live and work, is known as a Domestic Bank. In contrast, when your bank is in a country outside the country you live and work, that’s an International Bank.
Now, you may be thinking, “International Banks do not have deposit insurance. Does that make them risky?” Counter-intuitively, banks that have deposit insurance are more likely to take risks with depositor funds due to the ‘moral hazard’.
Therefore, if you can find an International Bank that does not lend, then the need for insurance is mostly mitigated.
Euro Pacific Bank (EPB) is a fully digital bank that operates on a ‘full-reserve’ policy, meaning they do not issue loans or engage in proprietary trading of bank capital. Instead, EPB derives 100% of its margins from fees and commissions.
They are banking on:
And lucky for you, they specialize in seafarers, expats, and other types of "borderless" banking clients.
Not at all.
Your life doesn’t have borders. Why should your bank? Seek a sound banking solution that travels with you.